Overall home sales registered in Metro Vancouver declined 3.8 per cent year-over-year in September, suggesting recent reductions in borrowing costs are having a limited effect in spurring demand.
That’s according to the latest monthly market report by Greater Vancouver Realtors (GVR), which notes September 2024 residential sales in the region was also 26 per cent below the 10-year seasonal average.
Sales of detached homes last month saw a 9.8 per cent decrease from the detached sales recorded in September 2023 but attached home sales did see an increase.
Detached, attached and apartment properties newly listed for sale on the Multiple Listing Service in Metro Vancouver in September 2024 saw a 12.8 per cent increase compared to the properties listed in September 2023, while the total number of properties currently listed for sale Vancouver is 31.2 per cent higher compared to September 2023.
In a news release, Andrew Lis, GVR’s director of economics and data analytics, said that with some buyers choosing to stay on the sidelines, inventory levels have sustained healthy gains.
According to GVR, the September 2024 benchmark price for a single-detached house in Ladner was $1,459,300, which was just over three per cent higher from August 2024, but up just over two per cent compared to September 2023.
The benchmark price for a single-detached house in Tsawwassen this September was $1,613,600, down one per cent from the previous month, but up one per cent compared to September 2023.
The benchmark price this September for a townhouse in Ladner and Tsawwassen was $1,020,800 and $997,300 respectively. The benchmark price last month for a condo in Ladner and Tsawwassen was $625,700 and $623,600 respectively.
